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Lack of opt-out data could hide coercion

Work and pensions select committee chair Ann Begg has raised concerns over employers not having to provide auto-enrolment opt-out rates to The Pensions Regulator.

TPR will collect the number of employees that a firm enrols into a pension but will not hold specific data on what proportion of the firm’s staff that number represents. In a committee session with TPR last week, Begg said not having ready access to opt-out rates would make it harder to identify businesses which might be forcing people to opt out.

She said: “Clearly, the firms at which, miraculously, all of their employees opt out, are the ones you would target as potentially having used coercion but you will not know that, will you?”

Although TPR will be able to get opt-out rates from providers, its chief executive Bill Galvin said the regulator would be able to “put the pieces of the jigsaw together sufficiently” using data it will hold without having to regularly approach firms.

He said: “By comparing HM Revenue & Customs’ PAYE information and the number of employees and how many people are enrolled into sch-emes, we will understand where there is a significant gap.”


MetLife agrees fixed-term annuity distribution deal with TOMAS

MetLife has agreed a six month exclusivity deal to become the first fixed-term annuity provider on The Open Market Annuity Service. The deal means the provider’s Freedom Income Plan will now be available to clients and advisers on the pensions shopping around platform. MetLife says the agreement will provide a significant boost to its distribution […]


Nucleus hires managing director

Nucleus has bolstered its senior management team with the appointment of John McNeil as managing director. McNeil will form part of a five-strong executive management team, which reports directly to chief executive and founder David Ferguson (pictured). Prior to Nucleus, McNeil worked at OPTOS plc, a retinal imaging company, where he had held a number […]


Paradigm set to launch Amber corporate wrap

Paradigm is to launch its corporate wrap next week as a standalone business which is likely to be branded Amber, as revealed in this week’s Money Marketing. The SEI-powered platform will be made available to the wider adviser market and will include a group personal pension alongside a workplace Isa and general cash account. The […]

The Downsizing Delusion: Why relying exclusively on your home to fund your retirement may end in tears

By Steve Webb, director of policy The British obsession with homeownership can have dangerous consequences. A recent survey by Barings¹ found that up to three million people of working age were planning to rely wholly on the value of their home to fund their retirement. We are not talking about people investing in buy-to-let or […]


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